The flag of the small states game was posted on the Andorra 2005 website:
http://www.andorra2005.ad/aplicacions/descarregarArxiu.aspx?Arxiu=/Documents/Fotografies/Foto_galeria200510191719862.jpg
(no longer available). It is a white flag with a logo centered composed of of a
black torch with red flames and four blue rings on each side.Marc Pasquin,
23 March 2008

This might be related to the total of 8 eligible and participating countries.
In a link with the proposed flag thread: Prominent in the symbol for the 2007
games were over a dark coloured bowl four red lozenges, on white, with flame
tips, symbolising the Olympic flames.Peter Hans van den Muijzenberg,
23 March 2008

In the 2007 games in Monaco several people commented on
the possibility of Montenegro joining the games, and the general view seemed to
be that they were welcome. Cyprus 2009 might tell us more. The 2007 games had a
website: http://www.monaco2007.mc; the
event journal is on
http://www.monaco2007.mc/vitrine.php?path=50&page=51. I didn't see the event
flag in the colours of the logo, but on that same page three of the flags of the
event in the colours of the event, blue and (off?) white, can be seen in several
pictures, which have the entire emblem in mono-colour.

- The Monday
journal, 1, shows another, specimen of the flag of the games, but without the
golden fringe. Like for the Olympic Games, the flag passed from one organising
city to the next should apparently be considered the banner of the games.-
The Thursday journal, 4, treats the case of Montenegro.- The Saturday
journal, 6, has the banner being past on to Cyprus, but apart from the flames we
can't see very much of the charge. Near the bottom is a good depiction of the
whole emblem of the event.

The lozenges not only appear in the emblem,
btw, but also on the clothing of the Monegasque athletes.Peter Hans van
den Muijzenberg, 24 March 2008

The IXth Small States Games took place in 2001.
Since San Marino does not miss any opportunity to release post stamps,
this sport event was celebrated by the release of
a leaf of
eight stamps.
The top and bottom of the leaf are decorated with the arms of San Marino
and a logo which could be the one of San Marino National Olympic
Committee (the black-and-white image in my stamp catalogue is too small
to see anything but the Olympic rings).

The vertical margins of the leaf are decorated with the flags of the
participating nations, which are weirdly represented as pennants. In the
left margin, from top to bottom, are shown:

[Note that some of these 'small states' already won medals in regular
Olympics. I can remember Josy Bartels winning 5,000 m and/or 10,000 m in
athletics in 1952 or 1956 for Luxembourg, a judoka winning a bronze
medal in 1984 for Iceland, not to mention the medals won in Winter
Olympics by the Wenzel family for Liechtenstein and Marc Girardelli for Luxembourg.]

The Media Guide, downloadable from
http://www.cyprus2009.org.cy/downloads/index.htm, tells us:"Montenegro,
whose National Olympic Committee was recognised in 2007, has not yet requested
to join the GSSE." Apparently it's just a member of the Athletic Association of
the Small States of Europe, without partaking in the games.

The closing ceremony (video found in the media section), shows a large
fringeless version of the flag being lowered from the pole, and a fringed
version as Banner of the Games being passed from Cyprus to Liechtenstein, for
2011. A difference between the two is that the pole flag had the grey torch and
black (maybe even bluish) rings, whereas the banner has the rings lighter
coloured, probably bluish, and the torch black.Peter Hans van den
Muijzenberg, 30 June 2010